Mortgage rates are the lowest they've been since records first started being kept in 1971. The average rate we're seeing right now is a touch over 5%. For those with good credit, you could be looking at rates in the 4% range.

What kind of credit are we talking about? Usually 720 or above on the FICO scoring model. Clark suggests either buying your FICO score at MyFICO.com or trying TrueCredit.com for an approximation of the best rate you could get. The latter costs $10.

In addition to having a good credit score, you'll also need to be sure your house "appraises out" -- essentially, that you have enough equity in your home to go through with a refinance.

What can you do if you're $10,000 or $20,000 shy on your equity? The consumer champ reluctantly recommends that you consider borrowing against your 401(k) to make up the difference. This is one of the only scenarios where borrowing against your 401(k) could actually be a good thing. (Editor's note: Whew! Clark thought he might be struck by lightning as this advice left his lips!)

One final thought: Clark often talks about cramdowns -- a tactic used in commercial real estate where the lender will reduce the outstanding balance, interest rate, etc.

There is no residential equivalent for home mortgages at the moment. But it looks likely that in the next 4-6 weeks there may be a new statute that will permit cramdowns in the residential market. Clark will be able to provide more particulars as the legislation takes shapes.